NEW YORK – July 16, 2020 – Socure, the leader in Day Zero digital identity verification today announced the release of its first fraud report, “How COVID-Era Government Aid Impacted Six Financial Services Sectors,” showing a 134% increase in new account fraud attempts since the beginning of the COVID-19 Pandemic.
Highlights of the findings include:
- Fraudulent credit card applications soared during the peak unemployment time to 93% (3/24-4/23)
- Challenger banks experienced a 200% increase in attempted DDA fraud between March and June (3/1-6/22)
- Money transfer attempted fraud was up 43% (3/15-6/22)
Government funding of the Paycheck Protection Program led to a 65% increase in attempted fraud in SMB lending (4/30-6/22)
Socure’s Co-founder & SVP of Sales Johnny Ayers is available to discuss the report’s key takeaways and provide suggestions on how businesses and consumers can protect themselves against fraud.
Download the free report here for access to all of the research results.